Gemini Aims to Cash In on Crypto's Regulatory Comeback

Gemini, the New York-based cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has set an IPO price range between $17 and $19 per share, aiming to raise up to $317 million by listing its Class A common stock on the Nasdaq Global Select Market under the ticker "GEMI." The offering, which is part of the company's broader effort to capitalize on the improving sentiment toward crypto-related businesses, is expected to value Gemini at up to $2.22 billion based on the top end of the price range [1]. The exchange has classified itself as an "emerging growth company," which allows it to take advantage of certain reporting exemptions under U.S. securities law, such as presenting only two years of audited financial statements and omitting detailed executive compensation disclosures [1].

The IPO is being led by a group of top-tier investment banks, including Goldman Sachs, Citigroup, Morgan Stanley, and Cantor, who are serving as lead bookrunners. Additional underwriters include Evercore ISI, Mizuho, Truist Securities, Cohen & Company Capital Markets, Keefe, Bruyette & Woods (a Stifel company), Needham & Company, and Rosenblatt. The underwriters have also been granted an option to purchase up to 2.4 million additional shares and 103,652 shares of Class A common stock within 30 days of the IPO filing [1]. Gemini first filed a confidential S-1 registration statement with the U.S. Securities and Exchange Commission in June, aligning with a broader trend of crypto firms returning to public markets after years of regulatory uncertainty [2].

The company reported $142.2 million in revenue for 2024, representing a significant increase from $98.1 million in 2023 [2]. While Gemini’s revenue remains well below the scale of larger crypto platforms such as Coinbase, the growth reflects the broader resurgence in trading activity as digital assets like Bitcoin gain traction in the U.S. The Winklevoss twins have long positioned Gemini as a compliant and regulated alternative to offshore exchanges, a positioning that has attracted institutional interest amid regulatory scrutiny of the broader sector. Gemini's recent IPO filing follows the successful market debuts of other crypto-related firms, including stablecoin issuer Circle, trading platform eToro, and Bullish [2].

The offering also marks a milestone in Gemini's history, as the company has navigated regulatory challenges, including a high-profile dispute with crypto lender Genesis that drew attention from regulators. For potential investors, Gemini represents a mid-sized player in the crypto exchange space that could benefit from continued adoption and regulatory clarity. The IPO filing comes amid a broader shift in market dynamics, with crypto-linked companies increasingly gaining acceptance in traditional financial markets. Gemini's valuation and financial performance suggest a growing confidence in its ability to operate in a rapidly evolving regulatory landscape [1].

The IPO is scheduled to begin trading on August 16, pending regulatory approval and market conditions. Gemini's strategic decision to go public amid a warming IPO environment highlights the company's ambitions to scale operations and further establish itself as a key player in the U.S. crypto ecosystem [1].

Source: [1] Crypto Exchange Gemini Files S-1 For $317M IPO (https://cointelegraph.com/news/gemini-crypto-exchange-s1-ipo-nasdaq-2025) [2] Winklevoss' Gemini IPO Plans Progresses (https://www.coindesk.com/markets/2025/09/02/gemini-aims-for-usd2-22b-valuation-in-u-s-ipo-seeks-to-raise-usd317m)